CINCINNATI--(BUSINESS WIRE)--Sep. 15, 2009--
Meridian Bioscience, Inc. (NASDAQ: VIVO) today provided the financial
community with guidance regarding the Company’s fiscal 2010 sales and
earnings estimates. Based on the Company’s business planning and
budgeting activities for the fiscal year ending September 30, 2010,
management expects net sales to be in the range of $160 to $165 million
and per share diluted earnings to be between $0.90 and $0.95. The per
share estimates assume an increase in average shares outstanding from
approximately 41.2 million at fiscal 2009 year end to 41.3 million at
fiscal 2010 year end. Net income is expected to increase between 15% and
20% from fiscal 2009 to fiscal 2010. The sales and earnings guidance
provided in this press release is from expected internal growth and does
not include the impact of any additional acquisitions the Company might
complete during fiscal 2009 or 2010.
The Company also reaffirmed its fiscal 2009 guidance of net sales
between $140 million and $144 million and per share-diluted earnings
between $0.77 and $0.81 for the fiscal year ending September 30, 2009.
John A. Kraeutler, Chief Executive Officer, stated, “We have been
diligent in assessing Meridian’s growth and profitability drivers for
fiscal 2010 and we believe that this guidance is realistic. While the
uncertainties of the economy are still a concern for most businesses,
our infectious disease business appears to be more resistant to these
downside forces. As is typical, our fiscal 2010 estimates do not
consider additional revenues and income that might result from the
launch of new tests and new technologies during the year. Likewise, our
respiratory testing revenues are projected to increase at a moderate
rate and we have avoided speculation on the potential impact of
increased flu testing due to the prevalence of the H1N1 virus. Fiscal
2010 should yield another year of strong growth and we look forward to
the introduction of illumigene™, our new molecular testing
platform, during the first half of the year.”
William J. Motto, Executive Chairman of the Board, commented, “After a
careful and rigorous analysis of our fiscal 2010 budget, we are
comfortable with providing the financial community with our sales and
earnings estimates as set forth in this press release. We look forward
to introducing new products including our illumigene™
molecular-based platform. In addition, we will continue to look for
acquisitions that fit our well-established and disciplined criteria. We
will continue to execute the same plan that drives shareholder value
based on maintaining a strong balance sheet, growing the top line,
continuing to drive manufacturing and administrative efficiencies, and
paying liberal cash dividends. In connection with the last item, we will
be requesting another increase in our indicated annual cash dividend
rate at the next board meeting. If approved, this will mark our
nineteenth increase in the annual rate since we began paying cash
dividends in 1991. We look forward to a strong fourth quarter of fiscal
2009 and continued strong growth for fiscal 2010 and beyond.”
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor from civil litigation for forward-looking statements accompanied
by meaningful cautionary statements. Except for historical information,
this report contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, which may be identified by words
such as "estimates", "anticipates", "projects", "plans", "seeks", "may",
"will", "expects", "intends", "believes", "should" and similar
expressions or the negative versions thereof and which also may be
identified by their context. Such statements, whether expressed or
implied, are based upon current expectations of the Company and speak
only as of the date made. The Company assumes no obligation to publicly
update or revise any forward-looking statements even if experience or
future changes make it clear that any projected results expressed or
implied therein will not be realized. These statements are subject to
various risks, uncertainties and other factors that could cause actual
results to differ materially, including, without limitation, the
following: Meridian's continued growth depends, in part, on its ability
to introduce into the marketplace enhancements of existing products or
new products that incorporate technological advances, meet customer
requirements and respond to products developed by Meridian's
competition. While Meridian has introduced a number of internally
developed products, there can be no assurance that it will be successful
in the future in introducing such products on a timely basis. Ongoing
consolidations of reference laboratories and formation of multi-hospital
alliances may cause adverse changes to pricing and distribution.
Recessionary pressures on the economy and the markets in which our
customers operate can change expected results, as well as adverse trends
in buying patterns from customers. Costs and difficulties in complying
with laws and regulations administered by the United States Food and
Drug Administration can result in unanticipated expenses and delays and
interruptions to the sale of new and existing products. Changes in the
relative strength or weakness of the U.S. dollar can also change
expected results. One of Meridian's main growth strategies is the
acquisition of companies and product lines. There can be no assurance
that additional acquisitions will be consummated or that, if
consummated, will be successful and the acquired businesses successfully
integrated into Meridian's operations. In addition to the factors
described in this paragraph, Part I, Item 1A Risk Factors of our Form
10-K contains a list and description of uncertainties, risks and other
matters that may affect the Company which are incorporated by reference
into this press release.
Meridian is a fully integrated life science company that manufactures,
markets and distributes a broad range of innovative diagnostic test
kits, purified reagents and related products and offers
biopharmaceutical enabling technologies. Utilizing a variety of methods,
these products and diagnostic tests provide accuracy, simplicity and
speed in the early diagnosis and treatment of common medical conditions,
such as gastrointestinal, viral and respiratory infections. Meridian’s
diagnostic products are used outside of the human body and require
little or no special equipment. The Company's products are designed to
enhance patient well-being while reducing the total outcome costs of
healthcare. Meridian has strong market positions in the areas of
gastrointestinal and upper respiratory infections, serology,
parasitology and fungal disease diagnosis. In addition, Meridian is a
supplier of rare reagents, specialty biologicals and related
technologies used by biopharmaceutical companies engaged in research for
new drugs and vaccines. The Company markets its products and
technologies to hospitals, reference laboratories, research centers,
veterinary testing centers, physician offices, diagnostics manufacturers
and biotech companies in more than 60 countries around the world. The
Company’s shares are traded through NASDAQ’s Global Select Market,
symbol VIVO. Meridian's website address is www.meridianbioscience.com.
Source: Meridian Bioscience, Inc.
Meridian Bioscience, Inc.
John A. Kraeutler, 513-271-3700
Chief
Executive Officer
